Episode 30: Opportunity Zones – Bob Waun and Loren Guzik of Pike Street Properties, LLC

In this episode, Phil sits down with Bob Waun and Loren Guzik, two of the principals of Pike Street Properties, LLC, to discuss the new tax advantaged vehicle that everyone is talking about:  Opportunity Zones.   Pike Street is currently embarking on an endeavor to create and raise capital through the use of Opportunity Zone Funds, which was created by the Tax Cuts and Jobs Act of 2017 (a/k/a the Trump Tax Plan).   Pike Street intends to raise these funds and invest in the communities they care about, namely, Pontiac and Flint Michigan.    These gentlemen have been trying to revitalize these blighted areas for years, and now through this new vehicle, they may get their opportunity.  

This bi-partisan initiative allows capital gains to be invested in certain designated opportunity zones and, if done following numerous specific guidelines (some of which are still being determined), can have significant tax benefits including deferred gains, step up in basis of 10% after 5 years, 15% after 7 years, and a waiver of gains on the appreciation of the investment if held for over 10 years.  

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 Bob Waun

Bob Waun

You can learn more about the Opportunity Zones and Pike Street here: https://www.pikestreetproperties.com/

DISCLAIMER – No information contained in this Podcast or on this Website shall constitute financial, investment, legal and/or other professional advice and that no professional relationship of any kind is created between you and podcast host, the guests or Clark Hill PLC. You are urged to speak with your financial, investment, or legal advisors before making any investment or legal decisions.

Episode 29: Dean Marks, Esq. - Sterling Bay

“Bring us your Biggest Idea” is the mantra of Sterling Bay.  Phil sits down with long time Sterling Bay General Counsel and Principal, Dean Marks, to discuss Sterling Bay’s history of big ideas, notable developments, and future massive projects.   Starting with a review of the major redevelopments of buildings in the West Loop and Fulton Market areas, including the Google headquarters and former Oprah Harpo Studios turned McDonalds.   Then, the conversation turns to the massive project along Chicago’s North portion of the river—Lincoln Yards.   Lincoln Yards is grand in both vision and scope, and projects to extend the 606 pedestrian thoroughfare, renovate the existing Metra train station at Clybourn, and create an enormous 70 acre mixed use commercial, residential, and transit focused community where people can live, work and play.    This is the site of course where Sterling Bay is trying to lure the Amazon 2nd Headquarters, and building a stadium for sporting and live entertainment events.   From there, Phil and Dean talk about the history of Sterling Bay, it’s growth, and it’s fun passion project called Victory Ranch. 

 

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Learn more about Sterling Bay HERE

Learn more about Lincoln Yards HERE  

Learn more about Victory Ranch HERE  

DISCLAIMER – No information contained in this Podcast or on this Website shall constitute financial, investment, legal and/or other professional advice and that no professional relationship of any kind is created between you and podcast host, the guests or Clark Hill PLC. You are urged to speak with your financial, investment, or legal advisors before making any investment or legal decisions.

Episode 28 - ICSC RECon Recap – Tom McGee

During the busiest day of the RECon convention in Las Vegas, Phil sits down with the President and CEO of ICSC, Tom McGee, for a cup of coffee.   The RECon convention was a bustling, energetic, invigorating convention, and Tom McGee was proud to be an integral part of it.  Tom’s discussion focuses on the demographics of retail, the growing top line revenue of brick and mortar stores, and the continued integration of e-commerce and experiences into existing retail establishments.    It was an honor and a pleasure to have Tom share his views on the current real estate climate, and expound upon the services provided by ICSC to its many members. 

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If you would like to learn more about the International Council of Shopping Centers, please visit the website at https://www.icsc.org/.   You can also learn about the RECon event here:  https://www.icsc.org/attend-and-learn/events/details/recon-the-global-retail-real-estate-convention6

DISCLAIMER – No information contained in this Podcast or on this Website shall constitute financial, investment, legal and/or other professional advice and that no professional relationship of any kind is created between you and podcast host, the guests or Clark Hill PLC. You are urged to speak with your financial, investment, or legal advisors before making any investment or legal decisions.

Episode 27 - G. Michael Verden - Security, Protection, and Active Shooters

In this day and age of security breaches and active shooters, Phil brings on G. Michael Verden, the CEO of the Lake Forest Group, a private security consulting firm, to discuss crafting a security plan for your company.  With an extensive career as a police officer, 21 years as a Secret Service agent guarding the First Lady and President, Director of Security for the NBA, and security consultant, Mike Verden understands how to apply security best practices to your unique setting to safeguard people, property, and assets.  Before Mike comes on, our managing principal, Andy Annes, sets the stage by discussing how landlords and businesses should approach having a security plan for their employees and business.  Then, our feature guest Mike discusses the specifics of security, the different types of security threats, and different policies that can help keep companies and people safe in the event of an emergency.  Later in the episode (34:00), Mike shares real life stories of security situations he has encountered during his extensive career.

 

You can learn more about the Lake Forest Group here:   http://lakeforestgroup.com/

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DISCLAIMER – No information contained in this Podcast or on this Website shall constitute financial, investment, legal and/or other professional advice and that no professional relationship of any kind is created between you and podcast host, the guests, SATC Solution Center L3C, or Schenk Annes Tepper Campbell Ltd. You are urged to speak with your financial, investment, or legal advisors before making any investment or legal decisions.

Episode 26 - Mike Piper - Student Housing and Tax Incentives

Joining Phil on this episode is Mike Piper, the CEO of ICS Tax, LLC, to explain P3s, or Public-Private Partnerships, and tax strategies such as cost segregation. Mike brings a wealth of expertise to provide beneficial tax strategies to both public and private entities that have made investment in student housing facilities beneficial. By using the example of public universities, Mike shows how pairing together a tax paying private entity with a tax free public entity can create a win-win for developer and university.  Mike then delves a little into his business and the software they have developed to help companies large and small identify beneficial tax strategies.

You can learn more about ICS Tax, LLC here:  http://ics-tax.com/

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DISCLAIMER – No information contained in this Podcast or on this Website shall constitute financial, investment, legal and/or other professional advice and that no professional relationship of any kind is created between you and podcast host, the guests, SATC Solution Center L3C, or Schenk Annes Tepper Campbell Ltd. You are urged to speak with your financial, investment, or legal advisors before making any investment or legal decisions.

Episode 25 - Bob Cavoto - Successful Interviewing Strategies

He’s back!  Bob Cavoto joins the podcast again to talk to Phil about successful interviewing and making an effective sales pitch, taking your career to the next level, and the state of the real estate jobs market.  With over 20 years of experience matching executives with careers as CEO of 20/20 Foresight Executive Search, Bob is able to give unique and personal advice.  First, Bob takes Phil though his 3 basic principles of interviewing, exploring the ideas of likability, credibility, and competence.  Bob and Phil discuss body language and using voice modulation for effective communication.  From there, Bob delves into his thoughts about what can help make a successful career and the different management techniques he comes across.  Finally, a look at the current real estate jobs market, and the possibility of a cooling down period.

You can find out more about 20/20 Foresight here.   http://www.2020-4.com/

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DISCLAIMER – No information contained in this Podcast or on this Website shall constitute financial, investment, legal and/or other professional advice and that no professional relationship of any kind is created between you and podcast host, the guests, SATC Solution Center L3C, or Schenk Annes Tepper Campbell Ltd. You are urged to speak with your financial, investment, or legal advisors before making any investment or legal decisions.

Episode 24 - Bill Barry - Financing Commercial Real Estate

Bill Barry (a/k/a “BB”) is a Senior Vice President and the current head of the Commercial Finance Group at Draper and Kramer. A 30 year finance veteran, BB has closed $25 billion in real estate during his storied career, and believes deals are like snowflakes—no two deals are the same.   Bill sits down with Phillip to explain how commercial lending works and the different lenders available to borrowers.  From there, Bill describes current types of attractive asset classes and the weak asset classes in the market.   The interview has complex financial and legal terminology, explores various strategies for financing deals, and discusses trends in the marketplace while Bill personalizes the discussion with war stories on various deals.    

What are the current prime asset classes?   Listen and find out.

You can learn more about Draper and Kramer and Bill Barry here:  http://www.draperandkramer.com/meet-our-team/

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DISCLAIMER – No information contained in this Podcast or on this Website shall constitute financial, investment, legal and/or other professional advice and that no professional relationship of any kind is created between you and podcast host, the guests, SATC Solution Center L3C, or Schenk Annes Tepper Campbell Ltd. You are urged to speak with your financial, investment, or legal advisors before making any investment or legal decisions.

Episode 23 - David Moore and The Willis Tower Redevelopment

David Moore, as Senior Vice President and Portfolio Director of Equity Office’s Chicago portfolio, comes on the podcast to discuss the company’s $500 million investment/redevelopment of famed The Willis Tower.  As the second tallest building in the country, The Willis Tower is most recognizable building in Chicago and one of the most recognizable in the world. This episode is a fascinating consideration of the massive scale of a $500 Million redevelopment and investment into Chicago’s most quintessential and historic building. 

David discusses the “why” of redevelopment and the movement to amenitization of office buildings in Chicago. The company’s objective is to look at how to enhance the daily lives of the people in the building and create a better experience for those people. Equity Office is creating an amenity destination for its 15,000 daily inhabitants and visitors. The Willis Tower is delivering multiple floors of tenant only amenities, including a “Tower House” which is a West loop style creative space, and an “Altitude Lounge” grab and go location built in a high rise Gold Coast style, as well as a floor of tenant only fitness space with cardio, workout classes, spin, yoga, and much more.  In addition, the base of the structure is being torn down and built out and expanded, to include 300,000 square feet of commercial space with a Wintergarden style space full of various food and drink offerings. This episode is a great explanation of why these massive investments in existing office product are taking place in Chicago and around the world.

Find out more about the Willis Tower here:  http://www.willistower.com/

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DISCLAIMER – No information contained in this Podcast or on this Website shall constitute financial, investment, legal and/or other professional advice and that no professional relationship of any kind is created between you and podcast host, the guests, SATC Solution Center L3C, or Schenk Annes Tepper Campbell Ltd. You are urged to speak with your financial, investment, or legal advisors before making any investment or legal decisions.

Episode 22 - Doug Childers

Doug Childers (HFF) on housing tax credits.  What happens when the government utilizes market forces to reinvigorate its public housing programs? For decades, publicly subsidized affordable housing was an underutilized aspect of commercial real estate. This all changed in 1986 with the introduction of the Section 42 Low-Income Housing Tax Credit (LIHTC) program that incentivized private developers and investors to work together to modernize the US’s public housing infrastructure. To give you an idea of the scale of this program, our guest advises that over 50% of the rental units in America today have component of section 42 tax incentives.

Doug Childers, Managing Director at HFF’s Atlanta office (formerly, Holliday Fenoglio Fowler), sits down with Phil and Raul to discuss LIHTC and other tax incentive programs. In his 10 plus years in the industry, Doug has been in involved in the disposition of over 1 billion dollars in affordable housing assets throughout the country including Parkway Gardens on Chicago’s south side. Doug takes Phil and Raul through the hurdles of affordable housing transactions and how LIHTC has incentivized companies, like Google, to get involved in the affordable housing tax credit market. Doug discusses how he built his book of business as a broker and finds leads. Doug also shares his experience working in the Atlanta Braves clubhouse during their dynasty years and the genius of Bobby Cox.

Learn more about Doug’s work in affordable house here: 

https://www.linkedin.com/in/doug-childers-1510117/

http://www.multifamilybiz.com/PR/778/HFF_Closes_694Unit_Affordable_Housing_Sale

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DISCLAIMER – No information contained in this Podcast or on this Website shall constitute financial, investment, legal and/or other professional advice and that no professional relationship of any kind is created between you and podcast host, the guests, SATC Solution Center L3C, or Schenk Annes Tepper Campbell Ltd. You are urged to speak with your financial, investment, or legal advisors before making any investment or legal decisions.

Episode 21 - Bob Cavoto Repost

Happy Thanksgiving!  Phil is out this week to spend time with family, so we are re-broadcasting one of our most popular interviews: A sit down with Bob Cavoto, the founder of 20/20 Foresight Executive Search. Bob comes on to answer all those questions you always wanted to ask an executive recruiter. Bob shoots it straight. Bob explains executive marketing and recruiting, gives career and life advice, and provides a roadmap for how to improve your career and become a C-level executive for real estate companies. It is a fascinating discussion about the job market in commercial real estate and how to market yourself for a C-level executive position. We plan to have Bob come back on in early 2018 for a market update.

Learn more about 20/20 Foresight here:  http://www.2020-4.com/

 

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DISCLAIMER – No information contained in this Podcast or on this Website shall constitute financial, investment, legal and/or other professional advice and that no professional relationship of any kind is created between you and podcast host, the guests, SATC Solution Center L3C, or Schenk Annes Tepper Campbell Ltd. You are urged to speak with your financial, investment, or legal advisors before making any investment or legal decisions.